Page 143 - Caribbean-Central America Profile 2018

TRINIDAD & TOBAGO

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

The other attractive industries for • No one is permitted to hold land in Trinidad based economy. The Tourism Development Act
investment include: and Tobago or shares in any local company (2000) seeks to encourage this development
• Fishing and Fish Processing in trust for a foreign investor who requires a effort based on the following benefits that are
• Food and Beverage licence but has not obtained same. offered under this Act:
• Yachting
• Merchant Marine INVESTT LIMITED • Tax exemptions (not exceeding 7 years) in
• Printing and Packaging InvesTT Limited is the nation’s investment respect of gains or profits from the approved
• Film promotion agency aligned to the Ministry tourism project.
• Music and Entertainment of Trade, Industry, Investment and • Tax exemption in respect of gains or profits
• Services Communications. They are the first point of from the sale of villas or condominiums
contact for investment opportunities in Trinidad
THE FOREIGN INVESTMENT ACT and Tobago and encourage and facilitate or the sites for villas or condominiums,
which form part of an Integrated Resort
OF 1990 new investment from both local and foreign
The Foreign Investment Act, 1990 was sources. They deliver customised investor Development.
proclaimed as an Act to provide for the solutions through their unique combination • A carry-over from a tax exemption period
acquisition by foreign investors of an interest of knowledgeable sector experts, strategic of any losses arising out of the operation or
in land or shares in local private or public alliances and extensive network of real estate renting of an approved tourism project.
companies and for the formation of companies and industrial parks. • The importation of vehicles for use in the
by foreign investors. The Foreign Investment InvesTT - Trinidad & Tobago
Act, 1990 makes the following provisions: tourism industry at a reduced rate of duty of
Level 19, Nicholas Tower 63-65 Independence ten percent.
• A foreign investor is permitted to own 100% Square • Total exemption from customs duty on
of the share capital in a private company, Port of Spain
but the Minister of Finance must be notified Trinidad W.I imported building material and articles
prior to the investment. Tel: (868) 225-4688 of tourism equipment or, if purchased in
• Foreign investors are permitted to own up Fax: (868) 225-5820 Trinidad and Tobago, a drawback of customs
duties or excise duties if these items are not
to 30% of the share capital of a local public Email: info@investt.co.tt being locally manufactured.
company without a licence. Web: www.investt.co.tt
• A licence is required to permit foreign TOURISM DEVELOPMENT ACT • Tax exemption on interest received on an
investors to own more than 30% of the share (2000) approved loan for an approved tourism
capital of a public company. The Tourism Sector has contributed project for the period of the loan or seven
• A foreign investor is permitted to own one significantly to the economy of Trinidad and (7) years, whichever is the lesser.
acre of land for residential purposes and five Tobago. The government intends to fully • Accelerated depreciation of depreciable
acres of land for trade or business without develop the potential of the tourism industry in equipment owned by the owner or operator
having to obtain a licence. an effort to successfully diversify the energy- and used in an approved project.

Starting a Business - Registration Requirements:
No Procedure Time to complete Costs
Less than one day (online
1 Request the company name TTD 25
procedure)
TTD 560 (TTD 400 for Articles of Incorporation Form + TTD 40 for
Notice of Address of Registered Office Form + TTD 40 for Notice
2 Register with the Companies Registry 3 days
of Directors Form + TTD 40 for Notice of Secretary Form + TTD
40 for Certificate of Incorporation)
2 days (simultaneous with
3* Make a company seal TTD 150 + VAT
previous procedure)
4 Apply for tax payer identification number 1 day no charge

1 day (simultaneous with
5* Apply for Registration as an Employer no charge
previous procedure)
4 days (simultaneous with
6* Apply for Registration of Employees no charge
previous procedure)
7 days (simultaneous with
7* Register for VAT no charge
previous procedure)
* Takes place simultaneously with another procedure Source: The World Bank Group

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